The sell-off in Treasuries was not a total surprise

On Tuesday, Treasuries sold-off as yields raised rapidly as one of the big winning trades of 2015 turned against investors quickly.

But maybe this sell-off shouldn't have been a total surprise.

In our latest edition of the most important charts in the world, Peter Tchir at Brean Capital offered the following chart, which makes 10-year Treasury bonds look about as unattractive as they have in some time.

Tchir wrote that, "Right now the combination of low projected income and HIGH volatility makes the risk/reward of owning Treasuries very dangerous."

"I am not saying to be short yields right now," Tchir wrote, adding that, "while I am relatively comfortable saying we won't have a 'flash rise' in stock, I am far less comfortable saying that the October 'flash crash' in yields is the only direction yields can gap in."

Meaning that quick rises like today are something bond investors might need to be more prepared for.